Benefits for Charitable Giving in 2020 due to CARES Act
Please consider supporting UMBC with your charitable giving this year. As a result of the 2020 CARES (Coronavirus Aid, Relief, and Economic Security) Act, you may be eligible for a higher tax deduction on gifts made this 2020 calendar year.
- Temporary Universal Charitable Deduction – Taxpayers who do not itemize deductions may take a one-time deduction of up to $300.
- No limit for individuals’ charitable contributions for 2020 for those who itemize (the 60 percent adjusted gross income limitation has been suspended). Cash contributions are fully deductible.
- Corporations may deduct up to 25 percent for charitable contributions (up from 10 percent).
If you would like to speak to someone about ways to make an impact at UMBC, please contact giving@umbc.edu and you will be directed to a friendly colleague who can help you. The tax information provided is general and educational in nature and should not be construed as legal or tax advice. UMBC does not provide legal or tax advice.